Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1423 Spruce St Philadelphia, PA 19102-4503
    Back to Search
    Property profile & analytics

    1423 Spruce St, Philadelphia, PA 19102-4503

    View on Map
    • Banks
    • 3,034 SF
    • 0.06 lot acres
    Off-Market
    Last Sale Oct 2, 2023
    $1,350,000
    Property ID
    US73-2861324
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,315,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Banks

    Property Details for 1423 Spruce St

    Year built
    1981
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Zone code
    CMX5
    Property type
    Banks
    APN
    88-2-9658-55
    APU
    882965855

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 2, 2023 $1,350,000 South Stone Realty LLC American Heritage Federal Credit Un Special Warranty Deed $1M · American Heritage FCU
    Feb 24, 2022 — American Heritage Federal Credit Un American Heritage Federal Credit Un Intrafamily Transfer · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,280,000
      ML approach
      $1,275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $839,000
      Market price range: $347k - $1.26M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1658
    Latitude
    39.9474
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $21,022
    $300,366
    $1,201,434
    $1,501,800
    -
    $300,366
    $1,201,434
    $1,501,800

    Comparable in this City

    • Value Estimation
      $560,000
      4,868 SF

      1501 Locust St, Unit 2

      FINANCIAL BUILDING
      1501 Locust St, Philadelphia, PA 19102-3720
      View Details
    • Value Estimation
      $1,545,000
      12,635 SF

      1500 Spruce St, Unit 4

      STORE, RETAIL OUTLET
      1500 Spruce St, Philadelphia, PA 19102-4502
      View Details
    • Value Estimation
      $2,800,000
      24,301 SF

      1508 Walnut St, Unit 10

      STORE, RETAIL OUTLET
      1508 Walnut St, Philadelphia, PA 19102-3603
      View Details
    • Value Estimation
      $1,235,000
      9,510 SF

      33-37 16th St

      STORE, RETAIL OUTLET
      33-37 16th St, Philadelphia, PA 19102
      View Details
    • Value Estimation
      $800,000
      8,771 SF

      1518 Chestnut St

      STORE, RETAIL OUTLET
      1518 Chestnut St, Philadelphia, PA 19102-2707
      View Details
    • Value Estimation
      $3,845,000
      23,232 SF

      1525 Chestnut St

      STORE, RETAIL OUTLET
      1525 Chestnut St, Philadelphia, PA 19102-2501
      View Details

    Similar Nearby for Sale

    • $9,000,000

      Prime Retail Building Opportunity

      Rare building opportunity in high-traffic Philadelphia location.
      1528 Chestnut St, Philadelphia, PA 19102
      View Details
    • Contact for pricing

      Rittenhouse Salon Space Available

      2,282 SF salon space in the heart of Rittenhouse.
      1532-1534 Sansom St, Philadelphia, PA 19102
      View Details
    • Contact for pricing

      Retail Space in Mixed-Use Development

      Retail space available in a Class-A mixed-use development.
      1401 Spruce St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      120,000 SF

      Kitchen and Bath Furnishings Warehouse

      120,000 SF warehouse for kitchen and bath furnishings distributor.
      Hot Growing Manufacturing/ Distributor Of Kitchen And Bath Proprietary Furnishings, Middle City East, PA 19102
      View Details
    • Contact for pricing
      9,510 SF

      Retail Space For Sale

      Retail spaces available for sale.
      33 S 16Th St, Philadelphia, PA 19102
      View Details
    • Contact for pricing

      Bilevel Commercial Condo Near Academy

      Bilevel commercial condominium with prime location on Locust Street.
      1420 Locust St, Philadelphia, PA 19102
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Former Bank Space For Lease

      Former Citizens Bank available for lease in Philadelphia.
      1411 Walnut St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      2,262 SF

      Retail Space on Walnut Street

      Second floor retail space available on Philadelphia's premier retail corridor.
      1519 Walnut St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space on Walnut Street

      Bi-level retail space in prime Philadelphia location.
      1515 Walnut St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      1,455 SF

      Prime Retail Space in Philadelphia

      Located in Center City's office district with high pedestrian traffic.
      1525 Chestnut St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      10,000 SF

      Prime Retail Space in Philadelphia

      10,000 SF retail space in the heart of Philadelphia.
      1424-26 Chestnut St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      23,000 SF

      Retail Space with Multiple Levels

      Three-level retail space offering numerous possibilities.
      1535 Chestnut St, Philadelphia, PA 19102
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1423 Spruce St
    Philadelphia, PA 19102-4503
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1423 Spruce St, Philadelphia, PA, 19102
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!